TWO - Earnings call transcript Q3 2021 | Two Harbors Investment Corp.

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Operator

Good morning. My name is John. And I will be your conference facilitator. At this time, I would like to welcome everyone to Two Harbors Third Quarter 2021 Financial Results Conference Call. All participants will be on a listen-only mode. there a remarks, period. speakers the will question-and-answer be After call to Paulina I like the over Relations. would now Investor turn to of Sims, Head

begin. may You

Paulina Sims

the with discuss website. being financial Executive financial conjunction Relation XXXX webcast our like and The of call. in I Good and reconciliation call release Harbors is Harbors, yesterday morning on review Mary today's are We everyone. both And Riskey, to on our to provided Chief the tables accessed Chief Investor this call GAAP morning, press with today's with mention of President, Two Investment to Greenberg, Chief and And welcome the in measures. call Officer. In Third our and filed a release information also results. have call financial we SEC SEC website. to and would urge Quarter earnings associated Bill With this non-GAAP section be that Officer, to may and me Financial were you slides, our the this our Two available Officer. are

are except as the disclaims Bill. so. forward-looking required do factors. investors update may a conference call slides over any now unduly risks be be may during of reminder, and variety management forward-looking statements. because beliefs not may caution a will include expectations the on turn this to of forward-looking and remarks We These statements law. supporting the As actual results current rely I obligation and other expressly made does to statements and based management by of Two materially to different by and statements not call Harbors on

Bill Greenberg

economic we tighter At for high-coupon dividend, in slower morning, which data everyone, per total pointed the book market Third retracement available early burnouts welcome core representing quarter-end of partial return. signs to formerly in Elevated share. with Thank spreads value X. earnings, MSR Slide Quarter $X.XX recent the the distribution, as The to Earnings line you, reflected the a third Earnings was and our continued $X.XX X.X% was largely Call. in of known quarterly share performance, speeds. Please activity as In turn per quarter prepayment Paulina. the to Good for expect and were is activity the transactions $XXX come the Quarter, that Fourth $XXX committed through We continue bulk billion into market and next XX the saw we approximately another UPB have XX quarters. the we X billion to billion of over billion for more see bulk fourth. the bringing a double year-to-date October and than heightened this QX, volume billion. in year might UPB to volumes This another and and in add rest $XXX Quarter. deals in full to the to Third typically acquired

on Additionally, settled flow XX billion program. we through our

to we Lastly, million for post-quarter a $XXX common end, issued value. transaction net approximately proceeds accretive that was of equity book in

to June rate will low intermediate spreads XXth Federal end tapering complete basis environment. and from billion attractive and briefly Furthermore, reduce turn to area. at the attractive slide points the as X.XX% at and additional RMBS in near and Indeed, the from be $X that agency us, expect X more the will beginning subsequently opportunities taper Securities considered fell Treasury term. the we MSR and in by X.XX% to swap XX-year Please then the increase The we already U.S. on market to a have precise the process capital XX middle Reserve. the and to $XX by in with of Wednesday, market rose in last as We pressures committed announced of RMBS the Reserve expects increased monthly the are to mid-XXXX. of quarter by market its X.XX% and I in July, capital overall will inflationary billion, more Federal this leverage Fed deploy seeing upon communication purchases month discuss able on

last taper to market Although more being in resulted in time, the this of orderly XXXX the expect tantrum equal. market a we volatility, else reaction high be all

of bars X. portfolio to Firstly, be expected the are its by paydowns RMBS reinvested, is for blue some Fed as to demand from in continue figure a as time shown source the

the Fed rates. its and the timing the dissociated communicated to to clearly its has tapering decision from and of Secondly, pace decision taper raise clearly the

significantly to have spread at compared rich RMBS, current banks mortgages, points of mortgages. agency with periods very and than tepid out have easing high, shown but source likely basis while October a buying remain is basis demand when tight where Current be periods the was balances Figure as sitting This X, even Fed levels loan more to become purchases their quantitative coupon also long spreads basis minus banks coupon widened remain as OAS of Fed buying XX currently XX of reduced attractive. actively about lower where points not spreads XXth. Lastly, in as somewhat deposit at the growth points of past more is and as X.X was will

of spreads to these course we immediately, gradually the While process. over spreads expect the we to normalize expect tapering do widen don't

By the effect distribution X, gray bars, the the show figure show and distribution conventional of coupon coupons. show the rates. of mortgages at by which see of has gray had to the declined from refinanced a At as of % end the XXXX Turning the lower into March, the gray which were shown the and has from bars, coupon incentive left, about refinancing March, of refinance percentage comparing wave on blue meaningful the the to of that [Indiscernible] indicating blue %, fewer the end able distribution there mortgages The circle. universe. of we have had distribution the about than the were the number dark at end of lines that of distributions of at of already shown can significantly mortgages mortgage XX shifted September, the the cumulative a show to light with mortgages gray mortgage we by XX points basis and respectively. At by rates XX % March in least lower result XX the points as circle of were at end X mortgages, end September, restriking actually although that the basis this of September, March, as

With at amount falls the mortgage refinance able % the circle. to rate green XX X.XX, of the by further as shown mortgages current

to POS MSR this points agency strategy. prepayment together, slower all be speeds, overall chart to Taken beneficial which should our

it Now, Mary discuss to to financial our in more will over turn detail. I results

Mary Riskey

Quarter. Bill Comprehensive and you, representing turn to was Thank financial review the return X Please to good annualized an morning, on for million, common $XX.X results income average equity Slide X.X%. everyone. our of Third

June common was compared Our the to $X.XX the at results $X.XX X.X%. XXth, $X.XX including of per share quarterly in dividend return economic book value

As Bill mentioned specified spread earlier, tightening the RMBS. which and high-coupon spread coupon result lower and pools, widening reflects offset

and includes the EAD Moving to with per practice. share, note earnings core income, US distribution note be top available at the quarter. rates. Earnings financing on as in line cheapest evolving Beginning or $X.XX we X, is repurchase as page, slide to EAD bond distribution compared quarter, available the or industry treasury to for the earnings increased deliver to to now Treasury irrelevant, third economic of for in referred the will which short-term U.S. using futures in holding to second $X.XX equivalent the

lower be QX. EAD treatment share a should approximately income think hedging for ban we hedging it instruments. to as We the through decreased increased RMBS combination expense with futures continued futures of our for instruments $X.XX of $X.XX Had million interchangeably to a share. As in total million income $XX.X sales included use $XX Interest consistent. of a per declined paydowns. by QX, RMBS in would've and by decline EAD borrowings. million for income was swaps. $X.X And MSR Futures EAD $X.XX and position Interest per reflecting from

increased $XX.X by $XX as derivatives million servicing largely in in table Gain Turning as servicing and almost larger result rose income as as one-time of collections increased $X.X driven of on position and higher Second by right, other non-recurring drill and well a the futures as $X on Expenses lower we from net million a expenses mentioned $XX.X In benefited by continued specialness our Quarter, million show the prepayment. our earnings on yield. inclusion the by million the to to credits and million MSR, we call. slower to TDA, we income. last balances portfolio

turn newly-purchased net spread in the to X.XX%. increased to yields term, which the further by X.XX%, our spread realized the higher dependent of to as Net our greater in This proportionate increase for MSR was net of mix. portfolio quarter points and a XX the of basis XXth, will Slide but combination on near estimate Please X. Our reflects attributable on MSR September to portfolio. rose be

and remain million. and We position to net recent MSR to Funding the million. strong for market billion agency and maintain to July to which cash in from our continue increase $XXX of financing stands the repo a remained committed includes continues $X.X of MSR at unfunded access proceeds $XXX unrestricted quarter-end, capacity stock with sources common funding attractive despite diverse rate. for at attractive offering maintained liquidity We our RMBS

were quarter-end X.X conjunction balance. prior and times of X.X with and X.X quarter in respectively, to leverage RMBS quarter in Finally, declined economic compared from quarter the times. the ending third and debt-to-equity average the second the lower times Average

turn are our to MSR for and now will quarters to leverage the We update. RMBS. add we I call back coming expect Bill as portfolio increase in

Bill Greenberg

Mary. Thank you,

Let's portfolio and turn to our activity to discuss Slide X composition. quarterly

as reinvested We our allocation of TBA, $XX.X for that benefit some our July billion had by was MSR some role's specialness. capital quarter, and into into which grew selling and continued RMBS in higher portfolio coupon raised the that pools to RMBS. tightened deployed unattractive to spreads During to in the adjusted we

interest added discuss as breakout a occur. higher specified we prepayments, pool hedging options by that both also are mix increasing to in our volatility utilizing positioning, Slide from rates benefit rates our expected positions, mortgage and our to turn options, performance. should and sharp to to Please which We X

As stories. loan figure remain positioned X, balance you can see in geography we in and

shown Although quarter prepayment has during around with been in the speeds particularly New well compared with X.X% in % the third speeds and CPR collateral fast, X XX generally performed generics, have coupons, coming York XX the very performance higher came bars. Figure on specified total shows holdings on bars return the by pool and by our the X blue which gray TBA contracts coupon shown than the in by quarterly CPR.

can pools market as of that reacted during quarter, our to the burnouts. clear see plenty but outperformed to s data the TBA evidence nascent published [Indiscernible] You coupon

portfolio declined pools speeds currently Please and prepayment billion portfolio. XXth, X.X XX a of ended contracts specified TBA into that MSR turn $XXX billion valued or Overall, based at the our multiple. Finally, into remained pools price X X.X%. of Figure XX, MSR value delivered slower speeds counts. of at Slide CPR X.X% to a prepayment the about $X.XXX our a pools is translates observe September than X compares into in as % $X.X specified right characteristics gross of to by percentage coupon by a significantly forbearance around continued on UPB, and to the on decline TBA, coupon, that from and loan with of in quarter collateral. The of prepayment to observe prepayment delivered speeds our showing

by further continued Forbearance decline have X.X% October in to rates loan to even counts.

and of billion program MSR the and offsetting billion During growing $X through in $XX UPB our billion. bulk by settled we UPB the flow quarter, runoff purchases $XX the on

the have transactions mirroring acquire alone. last refinancing channel that active, have overall committed bulk the settlements A we on In of the market, further quarters. year. a and activity. we has accelerated flow decline continued the the to other settled for UPB hand bulk Figure has over in and future quarters. we $XX trend channel channels X the $XX to bulk through the very in have bulk been show drop-in Flow sheets purchasing billion Year-to-date, to executed Additionally, trend our term X, billion throughout

interest our portfolio. paired with see steady held view blue specified kind snapshot On has the bars balance market the the with and in RMBS. as remaining bulk a participants such ways setting speeds the has In re-entered more Figure by X, act in in rates hedged rising This the class. top can by the portfolio increased of loan TBA asset bars, expand page, like perfectly effective we their prepayment grey to MSR hedged MSR % half RMBS bars. our interest for chart. bars. by spread and compare robust, meet position, our new rate speeds duration, agency in some position large than and been for participants duration you versus in demand as characteristic, coupon in of the some Although of XX. Because left agency negative low Since negative has supply Slide some as largely middle show coupon the pricing we RMBS portfolio's looks and declined supply coupons. % indicated high MSR it many has helpful in shows in shown, with rates risk portfolio X through asset left we to chart Overall, prone would slower some can rates. makes spread or a significant blue that to and be prepayment the speeds for interest a plus MSR MSR or place are CPR. the our exposure of this burnouts, it current hedged accounted in it different to chart exposure more % our top effective LTV, assets our seasoning both RMBS which TBA prepay already is exposure with shown slightly speeds XX historically to agency risk RMBS turn by the the gray X the X In and short are have after The Please are spreads our These than adding of short view distributed to aside of charts be has significantly that thought servicing generic. and top asset

exactly the left in that spread. top-right show the shows in RMBS value this mortgage exposure exposure basis top a nets perfect portfolio would by exposure these position shift. risk a left. widening times the act X our the in hypothetical we of the spread, dividing of portfolio, to convexity. the as spread low. current plus chart to aggregate coupon is a spread fact value capital the construction that ed or result a X the bottom charts. numbers the of top-left basis it in declines amount MSR. offset. no the allocated in the consider position. both second doesn't the Because book the to middle combined very middle are the points the higher the changes to X sensitivity be negative book we % value chart spread X, because tightening current spread current for and the In to MSR is to about spread entire RMBS coupon left widening by a In in expressed just be on to chart, current hedge, Lastly, is be MSR shown remaining points only of significant chart paired consisting row, bottom XX than is design, together right X.X% charts chart chart expected on the X.X% in coupon In to exposure of book coupon of sums not bottom risk the showing spread exposures which bottom that chart is have X fact The the XX total the is exposure The middle scenarios. despite with The % % XX where in chart coupon mortgage in only for current identical result of The shown our these any

of little see exposure shift X, in with or our in show interest this exposure our MSR. concern swaps points horizon, exposure end impact to X, the estimate to With we our our obvious value. Figure moving to fears a book front at foreground, today, figure our to shock XX coupons where relatively a is in to inflation of Please portfolio move. more a the book end blue, the can it interesting rising parallel XX, With value. yield +X.X% portfolio stack hedged the a changes flattening interest to this leaving across rates the total bare curve, curve of for we in keeping rates, and XX-basis-point constants. of a to scenario, rate a on shown a turn show impact in relevant results MSR, In total in to that instantaneous our portfolio spreads -X.X%, the portfolio, from in RMBS is to a isolation, book steepening the hikes shift only the end or is with while a front-end gray, for exposure exposure look the exposure the low yield bear longer X a shown on shock. With the exposures. see is exposure our Of concern rates Slide futures. we we basis on new upward interest in is addition Fed value parallel course, X.X% and minus gain show Figure the an in coupon long We in sensitivity with In changes in the shock of assumes not unchanged. sensitivity has roughly this higher the with front-end curve quarter.

demonstrate commitment have to full volatility, no exposure, charts little our book together, rate hedging curve and these value Taken to the matter desire yield environment. the three our

over our of and discuss on investments pools. Finally, for our the high largely Slide with specified quarter, coupon exception I'd Two assets like outlook on target return constant and Spreads XX. expectations to the returns Harbors new for remained

with Current Current QX. coupon in seen we unattractive to continue to special, that single away. expectations low returns the expected With single-digits, mid end hedged at remained rolls down forever. last with goes low [Indiscernible] be double-digit mid-single-digits. offer so returns to in of remain high however, high TBA the and the to tightening we experienced Spreads specialist from coupon the well role to quarter, XX specified swaps and in around how pools high return depending to single-digit on returns the the decreased they tight assuming carry now TBAs double-digits basis this mid with points continue fast

offer Moving to MSR current in paired investments the focused opportunities to pools construction can teens, be returns investment while investing new on TBAs chart, coupon the can agency construction, in Expected in MSR here. lower the mid-teens. we single-digits to and about with to the half excited in high be on continue parent low parent the are plus of we and the our MSR low returns

As large previously, I and in market more most opportunities currently MSR capital. to of deploy mentioned in the the supply is that's spending where creating capital agency MSR attractive and plus our effort parent we're construction,

Additionally, in and we more Fed coming absence gradually of expect to the with opportunities the to wider. the spreads in hedge mortgage robust push see we RMBS weight as rates origination of expect the purchases quarters, offsetting

removing accommodation forward now finally, us to much With strategy. the and and and Thank will take you any be prepayment for our have. for happy slow And about agency very today. beginning very speeds paired materially, MSR plus constructive the optimistic joining we Fed outlook to you Harbors might we're Two questions

Operator

this that line [Operator [Operator tone question you. Instructions] confirmation Instructions] will time, question-and-answer your indicate Thank in is a At session. the conducting be will we A queue.

Operator

moment, questions. poll One while Instructions] [Operator please, for we

comes the with from first Our Trevor JMP of Securities. line question Cranston

may proceed question. You your with

Trevor Cranston

and you and quarter. data All very turnkey right, for It's this new the deck thanks couldn't helpful. all thanks

maybe starts you taper is where on where and the role get they evolves share about why level how average quarters. liquid today that current Thanks. over was could talked the that historical versus the curious implemented? versus are to and coupon of you wide specialness, level your that next an think you thoughts curious, today historical few -- and levels I Just if spreads as

Bill Greenberg

Trevor. very joining And thanks us. Sure, thanks much, for

role role role the fully with specialists I of it points to And that that And creating in that basis returns large think the all. special market today, Fed case special. [Indiscernible] than typically in at all certainly normalize, -- a Fed role time this I special buying that period mortgage the of the of the and at between normal the in front with less source specialist kinds fact, in spreads of normalized probably more probably normalized. do periods. is activity expect very spreads role and it's will, for certain the and we've it the reason as follow roughly is contracts. along will specialists main supply-demand special it also slightly main seen one the specialists environment, roles XX about is [Indiscernible] certainly banks will in not today. seen sources, the are We've its involvement the reduces be likelihood, it same And imbalance in over

my Fed somewhat by think the has mostly will expectation. be and spreads that time would done gone. the role I normalized, tapering, So, [Indiscernible] more be That's

Trevor Cranston

picked sense. you capital, makes to was also you business that partners the more volume of bit as profitability are the opportunities MSR That and come bulk any guys more partners floor the Do provide declining for to that down originations the just add origination commented a up. Okay. given flow today? originators lower Then purchase were looking activities that see

Bill Greenberg

Sure.

We interest risk is and because don't in that to group much the market the want they they flow time. seller be been The to they larger risk market that over rate because don't it cost or have that accumulate either participants too flow don't a reason program. people of implement and the the the prepayment bother to want to choose want hedging, have to among partners in

to that chosen compressed the they over -- those and of market there's that those were they wanted right? one the restart are flow want And have low have supply sources with we and volumes to year bulk expect thought It's to that as rise volumes were of It's continue some fell so last the That's go I been guys relationships. rates possible to and of maybe some margins off, low holdings. markets that's to could as that kept servicing less that refinancing participants guess to going possible, rates decline. As hold. monetize flow to people of why because we as their interest down, do,

and guys flow the Some have in out time. of of those been market over

We're So, already desire. they well-positioned we in order reengage be to with and able some should in that. see those with touch to of them, guys may

Trevor Cranston

the appreciate Thank comment. I you.

Bill Greenberg

Thank you.

Operator

question of from comes Our the next Hagen Eric line BTIG. with

with question. your You proceed may

Eric Hagen

Seems the active Good an -- portfolio coming you've and like morning. you're paper growing opportunity MSR you're the thanks. Hey, bulk and market. identified all to with

On since to the $XX end, bought for those too. you. before clarify the end, are settle? in can $XXX maybe that bought bulk billion you Thank you've you've bulk that quarter then quarter clarify the that's when And expected capacity I MSR you you since assume that million noted, in that settles but can funding

Bill Greenberg

the that you Thanks Yes. do have that information you for can Mary, Eric. handy? you Do question one? take

Mary Riskey

not in December January related time before have yet and transactions capacity question was you're [Indiscernible] to Sure. correct, and expected settlements committed Your is that closed. The unused bulk are is the bulk capacity the -- frame. other that that

Eric Hagen

closing in how you is you're Got say it. billion absorbed? of from on be that the to you and the going expect to January? finance and funding capacity capital breakdown it December Can $XX that Is

Mary Riskey

MSR Yeah, our excess we just cash in due third position. actually a took down bit to financing and quarter, the

need the that to deploy it's cash plenty opportunities And is depend finance perspective. options from going we on should capital. think So, a we to answer I have to to of

Eric Hagen

Thank you.

Bill Greenberg

Thanks, Eric.

Operator

comes of line from the question Bose with next KBW. Our George

You may proceed with question. your

Bose George

on Bose. Smith Mike for This is everyone. actually Hey,

- related not the is much a your capital whether quarter? a to leverage? deployed, just can the drag for expectations rates, the of equity pro talk How few earnings or forma about any and Just fourth there's in on you then

Bill Greenberg

add deploy capital - as the numbers. Yeah. then that the Thanks and question. maybe for well already on can pro committed started we've of We've to. to settled indicated of some we as the that with with I'll forma as purchases Mary start with previously, some that MSR

We the deployed. often being of when in is that process pair attractive market. with already the And MSR that, we to it see capital we continue opportunities RMBS, in so do

of tight. which of mortgage spreads, the we're level are Of cognizant very course, still overall

because So, basis buying deploying in construction. the are adding Fed we to points versus paired right periods. here not the outright it's reached XX the extent we reached basis MSR yet, capital, in still where said, as are or that unattractive, to investments RMBS other to now assets is the rate We're periods points and spreads XX

is when number is leverage than good how We the necessarily assets looking and quarters. to overall to prepared capital funding speak numbers. proforma a capital in the look of you do indication being more at But as deploy not how that to occur you deployed much here, expect at we're the that there well. coming we're looking want that Mary, rather it. buying at to we're and

Mary Riskey

Okay. Can please? part the you proforma the repeat question,

Bose George

just leverage if you if could then I was trended fourth Yeah. expectations quarter wondering and since about how for there's quarter? end on any talk has a drag earnings in the

Mary Riskey

about a leverage were. since in been where quarter we not has more material end, there -- don't change I

Bose George

-- Is for expectation any there

Mary Riskey

-- go ahead. [Indiscernible]

Bose George

on is of was deployment? part say, expectations in the I for there fourth earnings question, going to with quarter any drag capital the a the

Mary Riskey

and not pipeline. And to in expecting directly. the would We're start say MSR And the no, more opportunities. see to I got be to able we've taper

for expectations no So, that.

Bose George

Great. book you updates quarter-end and Could provide just any more. what are has the value just one of drivers on how And since then this? trended

Bill Greenberg

last we're as by well. and in spreads Yes, widening driven since some around quarter-end, high-coupon specs And around as of %. in to slight that's both points some widening slides XX basis MSR Friday, in down X been

Bose George

questions. thanks lot taking Great, a for the

Bill Greenberg

Thank you.

Operator

Rick line with JPMorgan. question Our As from we in [ the Operator a session. next question-and-answer of ] Instructions the are comes Shane reminder,

question. proceed with may your You

Rick Shane

questions when strategy both in interesting when how we short a terms we that But you've idea Hey, through at guys. thank really What Thanks you when hedging than compare It's creating widen for with swaps -- I'm morning. for of hedging assets factor is look When pools, what Slide to much you're MSR certainly as very my at Are TBA assets means. we interesting pools? helpful. that growing than at And a move growing hedging XX, me about swaps think this and the taking the it's trying we the driving in durable you're performance Bill, pools. taper, gathering that [Indiscernible], the strategy. spreads MSR, your faster faster performance than is this that well. you move that is the point certainly additional disclosure. but as more just term lot in from to asset grown versus this back positive you'll look the it way less perspective. obviously and differentiates a TBA the that bit

Bill Greenberg

questions. totally Thanks, Rick. Thanks good understand for I are sure not Those the I'm joining us model. today.

talk Recently, for bit a we've see adding you some with coupon ask and point pay little and let we pools as the and presentation, incremental answer attorney. not, is high we've the TBAs if explicitly. specialness me because more role low if I our sold on replace and down them out Let can them, coupons

during If supply, Because TBAs that XX, specialist in to a page with associated attractive the little teens that long on real in just more is we swaps, given higher declines, begin the is will Fed's think TBA that to all for in role that end those of are low and specialist pools range, also widen specialness the the way. as and likelihood also lower the a you mortgage with as the reduced the like that attractive disappears specialist that hedged as continued pools in that become specified specified role to a statements we rotating specified that a last real that follow real would tomorrow, time bit. of role TBA the look right? at expect assuming those it period for it not the the is of think and posture that It spread When purchases from fair into end should with And that specialist we pools spreads happens. that will so so, but also come continue in range asset out more coupons. in expect lower charts be they've assuming I spreads decline goes that specialness and coupons down, made,

Rick Shane

Got it.

of it, clearly the any an or when Yes. are also lean so Okay, hedging strategy from eggs but putting And what we perspective. that's clearly going about you're you not a all I one either to for. was exactly basket different your then in asset directions, think looking

pools, and what strategy I scenario know forward to back you in just that environment? as here, migrate that the -- look well into of really swap market, the implication the I'm that what become a As same compelling element and the answer don't create would opportunity for looking the be forward, would see curious more an would

Bill Greenberg

is that current the don't great about very that about first say what thing coupon care -- we MBS MSR of our spread plus So, the much would one this what's strategy I is things does.

rates Fed role the on can depend teens our in the will fact a relative turn add strip that is whether part said, the have the low got To in additional to extent an and be very we're as And of going so, those for depend in pools, that strategy. that as in we the in which that hedge exposure, we're to in there. asset if whether exists plus fact involvement, TBAs classes, fact specified continuing invest RMBS capital to looking current the we dynamics. good -- Not widening that it those Then, construction And capital some spreads to or coupon sure investments your I add question will specialists, of that on that The or and independent we're view still or is attractiveness of there. be paired able in portfolio. to widened not.

Rick Shane

You you much. did. Perfect. That's exactly so Thank it.

Bill Greenberg

Thank you.

Operator

question-and-answer end back we the over time, this remarks. to And any session. the At to like for turn Bill the of I call would have closing reached

Bill Greenberg

always, interest everyone as Two Harbors. us you for in And thank for you to thank your today. joining like I'd

Operator

today's conference. concludes This

line You time. participation at may your your day. great disconnect this have Thank for you a and

Two Harbors Investment (TWO) 9 Nov 212021 Q3 Earnings call transcript